The South Korean electronics recommerce platform, “21market,” has received bridge funding from Postech Holdings. Recognized for tapping into the potential demand within the burgeoning used electronics market, 21market effectively addresses consumer concerns and anxieties related to these transactions.

21market specializes in connecting consumers with vendors of used electronics, such as smartphones and laptops. The platform ensures that only products from certified partners, vetted through 21market’s rigorous inspection process, are available for purchase. These items are thoroughly checked by the “21st Century Inspection Center” for appearance, performance, and potential theft, ensuring a secure purchasing environment for consumers in a market where information disparity and decision-making can be challenging.

The platform is committed to resolving common issues in traditional C2C transactions of used electronics, such as low trust and the absence of warranty policies, by maintaining a high standard of product quality. It enforces strict requirements for partner entry and allows only those products that meet around 20 different inspection standards to be sold. The acceptance rate for “certified partners” stands at 29%, and the pass rate for their products at the inspection center is 92%, reflecting the platform’s stringent standards. Consequently, 21market has achieved an impressive Net Promoter Score (NPS) of 97.4%.

With this new investment, 21market is poised to expand into a comprehensive platform that handles everything from purchasing to warranty and sales of used electronics like smartphones. The platform will utilize its “Used Smart Device AI Automatic Inspection System,” developed through the TIPS initiative, to increase inspection accuracy and efficiency and to further enhance its services. It also plans to revamp its warranty system, “21care+,” and its buyback and trade-in services for used electronics, along with launching a dedicated app.

Jeong In-oh, an analyst at Postech Holdings, remarked, “21market, with its specialized strategy tailored to the nascent used trade industry, has established superior user satisfaction in its sector. We anticipate it becoming a pivotal entity that bridges customers and businesses in the thriving market for used electronics.”

Park Young-jun, CEO of 21market, stated, “21market is dedicated to democratizing and standardizing used electronics, offering consumers viable alternatives to new devices. Our goal is to energize secondary transactions in the domestic smart device market, valued at KRW 20 trillion, and the broader electronics market, valued at KRW 50 trillion, thereby fostering resource recycling and generating additional value.”